An orphan built a company that started in 1995 with 20 workers in a rented Shenzhen workshop. Elon Musk mocked BYD and its cars in 2011. 

But today, BYD is a $152B global powerhouse, producing over 3M electric vehicles annually and challenging giants like Tesla on the world stage. 

But this isn’t just a business success story. It’s the tale of how one man’s vision, rooted in China’s Confucian values, can make the impossible possible. It’s the chronicle of China itself and its gradual and inevitable takeover. 

From Rural Hardship to Global Vision: The Great China Story

In 1966, as China plunged into the chaos of the Cultural Revolution, a baby boy named Wang Chuanfu was born in one of the country’s most overlooked corners—Anhui Province. This region, devastated by famine and poverty, was an unlikely place to find the roots of a future global business titan.

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Wang grew up in a home that had little in material wealth but was rich in spirit. His mother, a farmer and homemaker, raised eight children with patience and resolve. His father, a carpenter without much formal education, passed down core values that would later become Wang’s entrepreneurial backbone: integrity, work ethic, and kindness.

As a child, Wang spent hours watching his father build furniture by hand—small moments that planted early seeds of fascination with craftsmanship and problem-solving. But like China’s early years, Wang’s path forward was anything but smooth.

When Wang was just 13, his father was diagnosed with liver cancer and passed away, leaving the family in crisis. His five older sisters rushed into marriage to ease the burden. His 18-year-old brother quit school to find work. They were even forced to send Wang’s youngest sister into foster care, simply because they couldn’t afford to raise her.

Wang, barely a teenager, realized his best shot at helping his family was through education. He set his sights on vocational school and studied hard. But tragedy struck again. His mother collapsed while working in the fields and died before reaching the hospital. News of her death reached Wang mid-exam, cutting short his chances of continuing his education.

Crushed and broke, Wang was ready to drop out to support himself. But as he lost his real parents, Wang found support in his new parents - his older brother and sister-in-law wouldn’t allow it. 

Despite running a small business and living on the edge, they scraped together 10 yuan each week to keep Wang in school. When they couldn’t afford it, his sister-in-law sold jewelry and borrowed from neighbors to get by. 

It was an act of sacrifice not unlike what many Chinese families were doing then—betting everything on education, survival, and a better tomorrow. This shows the classical mindset of China, which, as a collective, bets large on education and has the second highest children's population in education globally. 

In 1983, their sacrifices paid off—Wang was accepted into Central South University to study Metallurgical Physical Chemistry. His brother and sister-in-law gifted him their wedding watch to celebrate, and even moved their business to stay close to him.

Wang’s story mirrors China’s own: shaped by hardship, lifted by sacrifice, and driven by a belief that better is possible if you’re willing to build it yourself.

Wang Chuanfu’s First Leap: Building BYD from Scratch

By the late ’80s, China was opening up. The economy was shifting, private business was on the rise, and a new generation of entrepreneurs was starting to shape the future. Wang Chuanfu, fresh out of Central South University with a degree in Metallurgical Physical Chemistry, was one of them.

By 1987, Wang Chuanfu had landed a coveted postgrad role at Beijing’s top metals research institute. He rose quickly, becoming an executive officer and eventually the general manager of a new battery joint venture with Baosteel. The role took him to Shenzhen, China’s first special economic zone—an emerging symbol of China’s transformation.

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Spotting an Opportunity

While running the joint venture, Wang spotted a shift: Japanese firms were backing out of nickel-cadmium batteries due to environmental concerns. He pitched the opportunity, but his ideas were ignored. 

Frustrated, yet driven by a growing sense of purpose, Wang made a risky decision: quit the security of a government-backed job and start his own battery company.

No Investors, No Problem: How Chinese Family Values Funded a Future Giant

At the time, he was newly married, his wife was pregnant, and he had no capital. Banks turned him down. But once again, family stepped up. His cousin lent him 2.5 million yuan and convinced a friend to invest his life savings. 

On November 18, 1994, they launched Biyadi Electronics in a tiny workshop in Shenzhen—later renamed BYD to climb alphabetically in stock market/business listings.

The plan was audacious: compete with Japan’s battery giants using a lean, labor-driven model. While rivals relied on costly automation, Wang hired and trained workers to make batteries by hand. It was scrappy, fast, and perfectly matched to China’s strengths at the time.

The conditions were gritty: employees shared floor space to sleep, and Wang worked around the clock. He even missed the birth of his daughter. But from the start, the company was fueled by something deeper than ambition—trust, loyalty, and a belief in each other.

That culture stayed intact even as BYD grew. By 2002, the company was preparing to go public. Concerns arose about share distribution—after all, the early team had built the company with no formal agreements in place. When asked about it, Wang gave a simple reply: “What was said will be done.”

While some Silicon Valley founders like Mark Zuckerberg faced controversy over equity splits with early partners, Wang Chuanfu did the opposite—he honored every verbal promise and awarded 22% of BYD’s shares to the 34 original executives. Each one became a millionaire.

For Wang, it wasn’t about contracts—it was about remembering the sacrifices that got him there: family members who backed him when no one else would, and colleagues who slept on factory floors to build something from nothing.

Slowly Climbing Up The Ranks

By 1997, BYD had surged to the top of China’s battery industry, producing 150 million units in just three years. But despite its domestic success, the company faced a major hurdle: credibility. Global tech giants had never heard of BYD—why would they trust an unknown Chinese manufacturer?

Wang Chuanfu knew they had to break through. So he turned to one of his boldest team members, Stella Li. Armed with little English and a suitcase full of battery samples, she flew to Motorola’s U.S. headquarters in Georgia. Her persistence grated on staff at first, but her determination eventually won them over. Motorola took a chance on BYD.

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That first win cracked the international market wide open. Big clients followed. Wang, deeply impressed by Stella’s drive, later named her CEO of BYD Americas. By 2003, BYD overtook Japan’s Sanyo to become the world’s largest battery manufacturer.

This is very similar to a gradual yet eventual takeover of China on global trade. However, now, both Wang’s and China’s ambitions had outgrown their success. They were looking at another booming industry that they wanted to take over: the automobile. 

From Car Copycat to Market Disruptor: Endless Pivots & Incorporating Feedback

In 2003, fresh off BYD’s battery success, Wang Chuanfu made a bold pivot—he entered the auto industry by acquiring a failing state-run carmaker, Qinchuan Automobile. 

To many, the move was reckless. Wang had zero experience in car manufacturing and didn’t even own a driver’s license. Investors panicked. BYD’s stock plummeted, wiping out over 2.7B Hong Kong dollars in just two days.

The first inherited model, the "Flyer," flopped. Even BYD’s early car logo drew criticism for resembling BMW’s. But Wang was undeterred. He pivoted again, building the BYD F3—nearly identical to a Toyota Corolla but priced at half. In its first year, it sold over 100,000 units, making it China’s fastest-growing domestic model.

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Wang knew how to adapt. He cut costs by relying on manual labor instead of expensive automation, repeating the hands-on model that built his battery empire.

Leading from the Front

Wang Chuanfu never led from behind a desk. His leadership style was hands-on, grounded, and deeply personal. He believed that no matter the company’s size, humility and shared sacrifice mattered. 

During the company’s early years, he lived with factory workers, ate lunch at the same tables, and shared their hardships. 

His belief was simple but radical in corporate China: 

“After work, we are all equal.”

This mindset wasn’t just for show—it shaped how Wang managed crises. 

In 2009, BYD launched its first pure EV, the E6. But Wang jumped too fast. He diverted resources from gasoline vehicles to chase electric dreams, and the business buckled. Profits collapsed. Dealerships walked away. Quality issues piled up. 

In response, Wang bought a brand-new Mercedes S-Class and handed it to his engineers. When they hesitated to dismantle it, he scratched the paint with his keys and said, “Now it’s not new. Tear it apart.”   

His now-famous act of scratching a brand-new Mercedes to force engineers to dismantle it was more than symbolic. It was a statement of intent: we are not imitators, we are innovators.

Munger’s Faith, Musk’s Laughter

That same drive earned the respect of Charlie Munger, one of the most discerning investors in the world. Munger saw through the flaws, seeing in Wang what few others did: a builder with discipline, vision, and staying power. Munger believed in Wang’s hard work and unconventional genius.

Munger persuaded Warren Buffett to back Wang, calling BYD the only company in China that truly understood batteries and scale. In 2008, Berkshire Hathaway invested $230 million for a 10% stake in BYD—a massive vote of confidence that gave the company international legitimacy overnight.

But admiration wasn’t universal. While Munger saw potential, Elon Musk saw a punchline. When asked on Bloomberg TV about BYD’s electric vehicles, Musk chuckled and said, “Have you seen their car?” The contrast was stark—one tech billionaire mocked, the other invested. But Wang didn’t fire back. He stayed quiet, kept building, and let results speak.

Leadership in Crisis: COVID-19

Nowhere was Wang’s character more evident than during the COVID-19 pandemic. As factories shut down worldwide and demand for vehicles collapsed.

Most CEOs turned to layoffs. Wang did the opposite. 

Knowing his workers by name, he refused to abandon them.

Instead, he made a quick decision: transform BYD’s production lines to manufacture masks and sanitizers. In a matter of weeks, the company became the world’s largest mask producer. That decision didn’t just save jobs—it kept morale alive and turned BYD into a national asset during crisis.

Wang’s response wasn’t just efficient—it was empathetic. He proved that strong leadership wasn’t about reacting to numbers but caring for people. In a time of fear and uncertainty, he showed calm, clarity, and control.

A Relentless Global Push

As the pandemic eased, BYD reemerged stronger than ever. Wang didn’t slow down—he went on offense. The company launched a wave of new EVs like the Han, Tang, and Dolphin, designed by world-class automotive talent and powered by BYD’s revolutionary Blade Battery.

Unlike its early years of copying designs, BYD was now exporting original, world-class vehicles. It expanded rapidly into Europe, Southeast Asia, Latin America, and the Middle East, often outmaneuvering rivals with affordability, safety, and reliability.

And despite Musk’s early mockery, BYD overtook Tesla in global EV sales volume by 2023. Wang never gloated. His quiet, relentless focus on execution made BYD not just China’s EV champion, but a global force.

Sales exploded from 427,000 in 2020 to over 3 million in 2023. Wang went on offense, targeting Europe with models like the Atto 3 and building a factory in Hungary. Public transit contracts in London and Amsterdam cemented BYD’s reputation. In the U.S., they expanded electric bus operations while laying the groundwork for future EV entries.

Where Elon Musk once mocked BYD, he now faced it as a global competitor.

Pushed Back in the West, Embraced in the Global South

This section is a classical example of an entrepreneur building strong political goodwill. 

BYD’s rise wasn’t without resistance. After storming the EV industry with record growth, it entered Europe in 2023 with high hopes, but quickly hit cultural and political headwinds. 

Media narratives shifted from admiration to alarm, framing BYD as a symbol of China’s industrial threat. European sales barely made a dent—just 1.1% of market share—and the company’s “Build Your Dreams” slogan backfired, with some customers removing the badge entirely.

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Worse came when the EU launched a formal investigation into Chinese EV subsidies, and U.S. media labeled Chinese electric cars a national security risk. 

But the breakthrough came from an unlikely ally: Brazil. When President Lula sought a manufacturer to revive a shuttered Ford plant, BYD stepped in. 

The move was met with celebration. BYD didn’t just open a factory—they brought jobs, hope, and accessible EVs. That year, BYD captured 72% of Brazil’s EV market and overtook Tesla in global electric car sales.

Legacy of a Builder

Across the Global South, the message of “Build Your Dreams” resonated. In India, Indonesia, and Thailand, BYD deliveries became family milestones. People dressed up, brought flowers and priests, and posed proudly with ribbon-wrapped cars. For many, this wasn’t just a purchase—it was proof they belonged to the future.

Wang Chuanfu, once mocked, now partners with Toyota and supplies batteries to Tesla. Charlie Munger called BYD “a miracle” born from sacrifice, led by a genius, and built on. From poverty in Anhui to reshaping global mobility, BYD’s journey is no longer just China’s story—it belongs to the world.

Conclusion: More Than Numbers: The Values Behind the Rise

Today, BYD stands as a $152 billion giant, with $107 billion in revenue as of 2024. The numbers are staggering—rising from just $7 billion in 2010. But these figures don’t tell the full story. Behind BYD’s exponential growth lies something deeper: a set of values rooted in China’s cultural DNA.

Wang Chuanfu’s story is a product of Confucianism in action—respect for family, loyalty, humility, and duty. His brother's sacrifice wasn’t a business decision—it was a moral one. 

That foundation shaped Wang's leadership. He ate with workers, lived alongside them, and made sure that during crises like COVID-19, not one person was left behind.

Education played a central role. From betting everything on school fees to building an R&D empire, BYD reflects China’s national belief that knowledge and discipline can transform lives. Constant improvement—listening to criticism, acting on feedback, learning from failure—wasn’t optional; it was expected.

The company’s shift from being seen as a copycat to a premium innovator didn’t happen by accident. It happened because Wang never stopped upgrading—products, processes, people. It happened because he knew that to be global, BYD had to be great. And now, BYD isn't following; it’s leading.

BYD teaches us that real leadership isn’t loud—it’s consistent. That vision matters, but sacrifice matters more. That loyalty to your people builds loyalty to your brand. And most importantly, that it’s possible to start with nothing and still change everything—if you build not just a business, but a mission worth believing in.

From one man’s dream in rural China to a global electric revolution, BYD proves that the future isn’t inherited. It’s built. Finally, we really recommend what Charlie Munger had to say about BYD 6 years back. This will give you a beautiful insight into both Charlie Munger's vision and investment philosophy.